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Tax-Free or Tax-Deferred? Roth vs. Traditional IRA, Which is Better? | Ep 28
Traditional IRA vs. Roth IRA – Which one is better?
In this episode, Danette explores the decision between investing in a Traditional IRA, which offers immediate tax deductions but taxes gains upon withdrawal, and a Roth IRA, which doesn't provide tax deductions on contributions, but offers tax-free gains.
Click here to Download Your FREE "3 Steps" to Plan an Epic Retirement Worksheet: https://www.trunorthwealth.com/newsletter-signup
What's included: 3 Steps to Planning an EPIC Retirement
Step 1: How will You Spend Your Time?
Step 2: Identify Your Income & Expenses
Step 3: Putting it all Together
Connect with Danette Lowe, CFP®
https://linktr.ee/trunorthwealth
Visit Our Website: https://www.TruNorthWealth.com
Episode Summary:
She discusses the pros and cons of each option and the benefits of a Roth conversion for those who are not eligible for direct Roth contributions.
The episode delves into the strategies for managing taxes during a Roth conversion, including staggered conversions and using non-IRA funds to cover the tax liability.
Danette emphasizes the potential benefits of converting during market downturns and the implications of recent legislative changes.
Danette recommends consulting with a financial advisor to determine the best retirement savings strategy based on individual circumstances, whether it involves Traditional IRAs, Roth IRAs, or Roth conversions.
Follow Us on Facebook:
https://www.facebook.com/TruNorthRetirementPlanning
About Danette:
Professional Journey- As the Founder and a CERTIFIED FINANCIAL PLANNER™ professional at TruNorth Wealth Management, LLC, I've found my calling in helping pre-retirees confidently navigate the crucial decision of retirement. Our team is dedicated to guiding family-oriented couples from being net savers to net spenders. We invite you to join our extended family and experience the TruNorth Wealth difference.
Danette Lowe, CFP®
Founder – Wealth Advisor
TruNorth Wealth Management, LLC
1662 HWY 395 N, Suite 203, Minden, NV 89423
Connect with Danette @ https://linktr.ee/trunorthwealth
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. TruNorth Wealth and Cambridge are not affiliated.
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By Danette Lowe CFP®Traditional IRA vs. Roth IRA – Which one is better?
In this episode, Danette explores the decision between investing in a Traditional IRA, which offers immediate tax deductions but taxes gains upon withdrawal, and a Roth IRA, which doesn't provide tax deductions on contributions, but offers tax-free gains.
Click here to Download Your FREE "3 Steps" to Plan an Epic Retirement Worksheet: https://www.trunorthwealth.com/newsletter-signup
What's included: 3 Steps to Planning an EPIC Retirement
Step 1: How will You Spend Your Time?
Step 2: Identify Your Income & Expenses
Step 3: Putting it all Together
Connect with Danette Lowe, CFP®
https://linktr.ee/trunorthwealth
Visit Our Website: https://www.TruNorthWealth.com
Episode Summary:
She discusses the pros and cons of each option and the benefits of a Roth conversion for those who are not eligible for direct Roth contributions.
The episode delves into the strategies for managing taxes during a Roth conversion, including staggered conversions and using non-IRA funds to cover the tax liability.
Danette emphasizes the potential benefits of converting during market downturns and the implications of recent legislative changes.
Danette recommends consulting with a financial advisor to determine the best retirement savings strategy based on individual circumstances, whether it involves Traditional IRAs, Roth IRAs, or Roth conversions.
Follow Us on Facebook:
https://www.facebook.com/TruNorthRetirementPlanning
About Danette:
Professional Journey- As the Founder and a CERTIFIED FINANCIAL PLANNER™ professional at TruNorth Wealth Management, LLC, I've found my calling in helping pre-retirees confidently navigate the crucial decision of retirement. Our team is dedicated to guiding family-oriented couples from being net savers to net spenders. We invite you to join our extended family and experience the TruNorth Wealth difference.
Danette Lowe, CFP®
Founder – Wealth Advisor
TruNorth Wealth Management, LLC
1662 HWY 395 N, Suite 203, Minden, NV 89423
Connect with Danette @ https://linktr.ee/trunorthwealth
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. TruNorth Wealth and Cambridge are not affiliated.